The Power of Branding

branding-power

A very famous proverb goes: What is in a name? A rose will still smell the same, even if it is called by another name!

However, with the advent of latest technology and changing trends, the time has come when we need to do some rethinking. Today, everything is online and virtual: virtual money, online business and so name or rather Branding is the most important facet for anything. Not just any business, but for any particular entity, branding is the key word. A brand is the identity of an entity. Just think of Marilyn Monroe and the first thing that comes in your mind is flying skirt. When we talk about online business, the brand identity is the foundation for building a relationship with your customer beyond product, distribution, pricing, or location of your business. It plays an integral part behind the success of any product. Brand is the relationship that secures future earnings by securing customer loyalty.

Usually consumers have lot of choice of products in the same market segment so brand loyalty plays a very important role for your business growth. A company with high credibility and brand loyalty succeeds in keeping consumers re-buying their product rather than going to a competitor. Statistics tell that it takes 5 times as much money to gain a customer as it does to retain one. Moreover a satisfied customer also helps in generating word of mouth publicity which increases your potential customers.

Branding goes beyond marketing. All aspects of your business should reflect and support your intended brand to create a long term and fruitful relationship with your customers.

A lot of effort goes in developing a brand. It involves more than just picking a catchy name. The following steps may be followed to create a brand:

  • Define your brand
  • Determine the objective of your brand
  • Identify your target audience
  • Identify the barriers and crush them
  • Package your brand
  • Sell and market your brand

Branding plays a very important role in case of online business, as in this case, you are using a very different medium to interact with your customers. Following medium and techniques can be used to communicate the right message to your target audience and create a powerful online brand:

  • Logo
  • Domain name
  • Highly impressive and user friendly website
  • Internet Marketing
  • Social Media Marketing

Logo: A meaningful and appealing logo with a global appeal creates a long lasting impression in your consumers’ minds.
Domain name: The domain name should be unique, easy to remember, short and if possible should reflect the image of the company.

Website: An innovative website template, with good and user friendly navigation structure, product display and description, meaningful images, authentic contact information will help in building a unique shopping experience for your consumers and they will turn into repeat customers.

Internet Marketing: Internet marketing will give your website the right exposure in the online world and consumers will be able to find you more easily.

Social Media Marketing: Social media marketing and optimization like blogging, social networking etc. will help in creating fans. Fans can do wonders for your online business as they help in generating word of mouth publicity which is the Mantra of Branding.

So now, don’t just think of marketing, start creating a brand identity which is the reflection of your business.

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